HOLLYWOOD, FL -- (Marketwire) -- 03/19/13 -- Onteco Corporation (OTCQB: ONTC), (the "Company", or "Onteco"), announces that it has filed with the State of Nevada a name change to INELCO Corporation. The change in name is based upon new proposed future business operations. All appropriate documentation has been filed with FINRA to effect the change in name in the market place.
"We are expecting the name change as part of the orientation to potential environmental projects representing a continuous, revenue stream if implemented," said Onteco President Jorge Schcolnik.
Coincidently with the above and related to the Cooperation Agreement executed in late 2012, two proposals have been submitted to Martin County and Port Saint Lucie County, both in Florida.
The proposal submitted to Martin County is for processing 50,000 annual ton of vegetative waste and converting into pellets, a renewable biofuel. The proposal submitted to Port Saint Lucie County is for processing 20,000 tons per year of used tires. Management understands the challenges ahead to get both projects finalized and is using its best-efforts to achieve consummation.
About Onteco Corporation
Onteco Corporation was founded to develop innovative, practical and cost-effective solutions to some of the most significant global environmental challenges. Today, the Company is broadening its operational footprint into rapidly growing consumer markets.
Additional information about Onteco Corporation is available at: www.Onteco.com
Safe Harbor Statement:
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Certain statements set forth in this press release constitute "forward-looking statements." Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain the words "estimate", "project", "intend", "forecast", "anticipate", "plan", "planning", "expect", "believe", "will likely", "should", "could", "would", "may" or words or expressions of similar meaning. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company's actual results and financial position to differ materially from those included within the forward-looking statements. Forward-looking statements involve risks and uncertainties, including those relating to the Company's ability to grow its business. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the Company's limited operating history, the limited financial resources, domestic or global economic conditions -- activities of competitors and the presence of new or additional competition and conditions of equity markets.
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